Connect with us

Hi, what are you looking for?

Investing

Trading sectors locked down plead for December trading clarity

closed restaurant

Sectors of the economy worst hit by the coronavirus crisis to date have pleaded for clarity over how they can re-open safely in time for the crucial Christmas season.

It was the stand out theme in evidence to MPs on the economic effects of the COVID-19 disruption, that has seen swathes of retailers, gyms and hospitality firms forced to close down for a second time this year.

The head of UKHospitality, Kate Nicholls, told the business, energy and industrial strategy (BEIS) committee that her industry, including pubs and hotels, had “not got above break even” before restrictions tightened again in September.

She warned the sector had shed 660,000 jobs by that point and businesses were in a “far less resilient state” heading into winter, despite continued government support including through the extended furlough scheme.

Ms Nicholls told the committee it was estimated that closed hospitality businesses would burn half a billion pounds of cash in November alone.

In his own evidence to the MPs, the chief executive of one hospitality business claimed the pubs sector had lost confidence in the government due to a lack of engagement and poor communication as it headed towards its busiest time of the year traditionally.

Marston’s boss Ralph Findlay said he was yet to know if he could re-open once England’s lockdown is due to end on 2 December.

“I don’t know what restrictions at this point I’m going to be working to.

“I don’t know how many people, out of the 10,000 I’ve got on furlough, that I can bring back.

“I don’t know what discussions I need to have with my supply teams and logistics teams about getting food and beer into our pubs.

“This kind of late discussion and stuff happening late is incredibly difficult,” he said.

Helen Dickinson, the head of the British Retail Consortium, had earlier warned of the consequences of closing non-essential retail saying that one company had just informed her that 4,000 jobs were at risk without a solid festive season.

She said store sales were set to be £2bn down per week during the lockdown in England alone – with a lack of additional capacity online failing to offset the losses.

“The most important thing at this point is that we have real clarity that that re-opening will occur as planned because I think without it the knock-on effects for many retail businesses will be severe,” she said.

Read more:
Trading sectors locked down plead for December trading clarity

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

Post Office collection and cash delivery workers are to stage a one-day strike later this month in a dispute over pay. Members of the...

Investing

UK consumers cut back on credit card borrowing in May amid fears over rising interest rates and a slowing economy driven by a cost...

Investing

The bank said that it was introducing a £1,200-a-year pay increase from August 1, which would start to show in next month’s pay packets....

Investing

Postmasters caught up in the Horizon IT scandal say that they are still being “left in the dark” about a compensation package after the...

Economy

Expenditures for environmental protection declined by 4.6% year on year in 2021, data from the Philippine Statistics Authority (PSA) showed. The statistics agency’s Compendium...

Investing

BT staff have voted for their first national strike in 35 years, which is expected to affect customers across the country having broadband services...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.